Fed’s Fisher: Growth is Beeter Than it Looks; No Easing Expected

Source

The U.S. economy is recovering at an even faster pace than the data suggest, negating any need for further monetary easing, Dallas Federal Reserve President Richard Fisher told CNBC.

With unemployment heading lower andhousing sales posting gradual increases, Fisher said Wall Street chatter about a third round of quantitative easing — or QE3 — is probably “wishful thinking.”

“The tone is a lot better. It’s not brilliant, we don’t have enough new hiring taking place,” he said, adding that the numbers are “definitely moving in the right direction, and my personal feeling…is that things are better than the numbers might suggest, or at least moving in the right direction. There is a better tone out there, and I think we need to take note of that.”

Following the Fed’s  most recent Federal Open Markets Committee meeting, Fisher told reporters that QE3 is a “Wall Street fantasy” that won’t happen.

Read More